DEMCOTRANS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 17 filings
Turnover
≈ €410,000
Estimated: probably between €360,000 and €570,000
Total assets
€434,340▲ 50.6%
2024 · €288,400
Net result
€46,619▲ 39.5%
2024 · €33,416
Working capital
-€49,700▲ 23.9%
2024 · -€65,320
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€80,315
▲ 36.7%
2025
20182025
Net result
€46,619
▲ 39.5%
2025
highest quarter of the sector
20182025
Equity
€173,457
▲ 36.8%
2025
highest quarter of the sector
20182025
Total assets
€434,340
▲ 50.6%
2025
highest quarter of the sector
20182025
Debt
€260,883
▲ 61.5%
2025
20182025
Working capital
-€49,700
▲ 23.9%
2025
lowest quarter of the sector
20182025
Solvency
39.9%
▼ 4.0pp
2025
middle half of the sector
20182025
Current ratio
0.67
▲ 0.12
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
10.7%
▼ 0.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€22,102-€17,797▼ 19.5%€13,683▼ 23.1%€25,851▲ 88.9%€31,221▲ 20.8%€31,857▲ 2.0%€58,762▲ 84.5%€80,315▲ 36.7%
Net result€14,675-€10,753▼ 26.7%€8,879within the sector's middle half▼ 17.4%€17,303within the sector's middle half▲ 94.9%€23,106above the sector's middle half▲ 33.5%€17,703within the sector's middle half▼ 23.4%€33,416above the sector's middle half▲ 88.8%€46,619above the sector's middle half▲ 39.5%
Equity€75,429-€86,182▲ 14.3%€95,061within the sector's middle half▲ 10.3%€112,365above the sector's middle half▲ 18.2%€90,220within the sector's middle half▼ 19.7%€107,923above the sector's middle half▲ 19.6%€126,839above the sector's middle half▲ 17.5%€173,457above the sector's middle half▲ 36.8%
Total assets€200,097-€243,073▲ 21.5%€234,368within the sector's middle half▼ 3.6%€241,710within the sector's middle half▲ 3.1%€269,892within the sector's middle half▲ 11.7%€260,647within the sector's middle half▼ 3.4%€288,400above the sector's middle half▲ 10.6%€434,340above the sector's middle half▲ 50.6%
Debt€124,668-€156,891▲ 25.8%€139,307▼ 11.2%€129,345▼ 7.2%€179,672▲ 38.9%€152,724▼ 15.0%€161,561▲ 5.8%€260,883▲ 61.5%
Working capital-€22,767--€1,004▲ 95.6%-€16,991below the sector's middle half▼ 1,592%€9,105within the sector's middle half-€64,795below the sector's middle half-€39,198below the sector's middle half▲ 39.5%-€65,320below the sector's middle half▼ 66.6%-€49,700below the sector's middle half▲ 23.9%
Solvency37.7%-35.5%▼ 2.2pp40.6%within the sector's middle half▲ 5.1pp46.5%within the sector's middle half▲ 5.9pp33.4%within the sector's middle half▼ 13.1pp41.4%within the sector's middle half▲ 8.0pp44.0%within the sector's middle half▲ 2.6pp39.9%within the sector's middle half▼ 4.0pp
Current ratio0.52-0.98▲ 0.450.66below the sector's middle half▼ 0.311.15within the sector's middle half▲ 0.480.43below the sector's middle half▼ 0.720.67below the sector's middle half▲ 0.240.55below the sector's middle half▼ 0.120.67below the sector's middle half▲ 0.12
Return on assets (ROA)7.3%-4.4%▼ 2.9pp3.8%within the sector's middle half▼ 0.6pp7.2%within the sector's middle half▲ 3.4pp8.6%within the sector's middle half▲ 1.4pp6.8%within the sector's middle half▼ 1.8pp11.6%within the sector's middle half▲ 4.8pp10.7%within the sector's middle half▼ 0.9pp
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 37% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €434,340
Fixed assets
€335,118 ▲ 59.7%
Current assets
€99,223 ▲ 26.3%
Equity and liabilities €434,340
Equity
€173,457 ▲ 36.8%
Debt
€260,883 ▲ 61.5%
Debt's share of the balance-sheet total rises from 56.0% to 60.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€160,614▲
2024 · €106,900
Cash flow
€126,917▲
2024 · €81,554
Debt to equity
1.50▲
2024 · 1.27
ROE
26.9%▲
2024 · 26.3%
Interest coverage
15.01▲
2024 · 10.09
Debt ≤ 1 year
€148,922▲
2024 · €143,853
Debt > 1 year
€105,891▲
2024 · €9,921
Income taxes
€22,997▲
2024 · €14,755
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €740 | €84,377 | €7,286 | €76,552 | €202,549 |
| Financial fixed assets | - | - | - | - | €3,000 |
| Depreciation and write-downs of the year | €31,155 | €33,812 | €46,698 | €48,138 | €80,298 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,240 | €40,718 | €28,975 | €31,155 | €33,812 | €46,698 | €48,138 | €80,298 | ▲ 66.8% |
| Other operating charges640/8 | - | - | - | €4,043 | €4,070 | €4,465 | €5,765 | €3,431 | ▼ 40.5% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €1,500 | - | - |
| Gross operating margin9900 | €53,847 | €60,989 | €46,556 | €61,049 | €69,102 | €83,021 | €114,165 | €164,045 | ▲ 43.7% |
| Operating profit (loss)9901 | €22,102 | €17,797 | €13,683 | €25,851 | €31,221 | €31,857 | €58,762 | €80,315 | ▲ 36.7% |
| Financial income75/76B | - | - | - | €13 | €1 | €1 | €2 | €0 | ▼ 99.5% |
| Recurring financial income75 | €725 | €381 | €18 | €13 | €1 | €1 | €2 | €0 | ▼ 99.5% |
| Financial charges65/66B | - | - | - | €1,043 | €3,985 | €6,919 | €10,593 | €10,699 | ▲ 1.0% |
| Recurring financial charges65 | €2,015 | €3,096 | €2,516 | €1,043 | €3,985 | €6,919 | €10,593 | €10,699 | ▲ 1.0% |
| Profit (loss) for the period before taxes9903 | €20,813 | €15,082 | €11,184 | €24,821 | €27,236 | €24,938 | €48,171 | €69,616 | ▲ 44.5% |
| Income taxes67/77 | €6,137 | €4,329 | €2,305 | €7,518 | €4,130 | €7,235 | €14,755 | €22,997 | ▲ 55.9% |
| Profit (loss) for the period9904 | €14,675 | €10,753 | €8,879 | €17,303 | €23,106 | €17,703 | €33,416 | €46,619 | ▲ 39.5% |
| Profit (loss) for the period to be appropriated9905 | €14,675 | €10,753 | €8,879 | €17,303 | €23,106 | €17,703 | €33,416 | €46,619 | ▲ 39.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €200,097 | €243,073 | €234,368 | €241,710 | €269,892 | €260,647 | €288,400 | €434,340 | ▲ 50.6% |
| Fixed assets21/28 | €174,965 | €198,094 | €200,714 | €170,300 | €220,865 | €181,453 | €209,867 | €335,118 | ▲ 59.7% |
| Tangible fixed assets22/27 | €174,965 | €198,094 | €200,714 | €170,300 | €220,865 | €181,453 | €209,867 | €332,118 | ▲ 58.3% |
| Land and buildings22 | - | - | - | €124,798 | €128,755 | €113,269 | €97,784 | €86,653 | ▼ 11.4% |
| Plant, machinery and equipment23 | - | - | - | €619 | €471 | €323 | €2,334 | €4,061 | ▲ 74.0% |
| Furniture and vehicles24 | - | - | - | €22,970 | €80,683 | €67,861 | €109,749 | €241,404 | ▲ 120% |
| Leasing and similar rights25 | - | - | - | €21,913 | €10,957 | - | - | - | - |
| Financial fixed assets28 | - | - | - | - | - | - | - | €3,000 | - |
| Current assets29/58 | €25,133 | €44,978 | €33,654 | €71,410 | €49,027 | €79,194 | €78,533 | €99,223 | ▲ 26.3% |
| Amounts receivable within one year40/41 | €17,839 | €17,794 | €19,845 | €39,042 | €39,733 | €32,126 | €66,523 | €67,586 | ▲ 1.6% |
| Trade receivables40 | - | - | - | €38,947 | €36,824 | €31,952 | €63,683 | €58,491 | ▼ 8.2% |
| Other amounts receivable41 | - | - | - | €95 | €2,908 | €174 | €2,840 | €9,095 | ▲ 220% |
| Cash at bank and in hand54/58 | €4,794 | €22,254 | €8,922 | €26,525 | €3,646 | €39,098 | €4,831 | €26,521 | ▲ 449% |
| Deferred charges and accrued income490/1 | - | - | - | €5,843 | €5,649 | €7,970 | €7,179 | €5,116 | ▼ 28.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €200,097 | €243,073 | €234,368 | €241,710 | €269,892 | €260,647 | €288,400 | €434,340 | ▲ 50.6% |
| Equity10/15 | €75,429 | €86,182 | €95,061 | €112,365 | €90,220 | €107,923 | €126,839 | €173,457 | ▲ 36.8% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €68,610 | €79,310 | €88,110 | €105,410 | €83,160 | €100,860 | €119,776 | €166,394 | ▲ 38.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €103,550 | €81,300 | €100,860 | €119,776 | €166,394 | ▲ 38.9% |
| Profit (loss) carried forward14 | €619 | €672 | €751 | €755 | €860 | €863 | €863 | €863 | = |
| Amounts payable17/49 | €124,668 | €156,891 | €139,307 | €129,345 | €179,672 | €152,724 | €161,561 | €260,883 | ▲ 61.5% |
| Amounts payable after more than one year17 | €76,768 | €110,908 | €88,662 | €67,041 | €64,157 | €29,316 | €9,921 | €105,891 | ▲ 967% |
| Financial debts170/4 | - | - | - | €67,041 | €64,157 | €29,316 | €9,921 | €105,891 | ▲ 967% |
| Amounts payable within one year42/48 | €47,900 | €45,982 | €50,645 | €62,305 | €113,822 | €118,393 | €143,853 | €148,922 | ▲ 3.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €21,622 | €27,884 | €35,896 | €19,395 | €39,680 | ▲ 105% |
| Trade debts44 | €2,911 | €4,435 | €8,820 | €3,865 | €10,270 | €3,826 | €13,632 | €9,807 | ▼ 28.1% |
| Suppliers440/4 | - | - | - | €3,865 | €10,270 | €3,826 | €13,632 | €9,807 | ▼ 28.1% |
| Taxes, remuneration and social security45 | - | - | - | €22,146 | €17,219 | €18,131 | €15,947 | €20,508 | ▲ 28.6% |
| Taxes450/3 | - | - | - | €22,146 | €14,719 | €15,631 | €15,947 | €18,008 | ▲ 12.9% |
| Remuneration and social security454/9 | - | - | - | - | €2,500 | €2,500 | - | €2,500 | - |
| Other amounts payable47/48 | - | - | - | €14,672 | €58,449 | €60,539 | €94,879 | €78,927 | ▼ 16.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,693 | €5,016 | €7,787 | €6,070 | ▼ 22.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,675 | €10,753 | €8,879 | €17,303 | €23,106 | €17,703 | €33,416 | €46,619 | ▲ 39.5% |
| + Depreciation and write-downs630 | €29,240 | €40,718 | €28,975 | €31,155 | €33,812 | €46,698 | €48,138 | €80,298 | ▲ 66.8% |
| Operating cash flow (approximation) | €43,915 | €51,471 | €37,854 | €48,458 | €56,917 | €64,401 | €81,554 | €126,917 | ▲ 55.6% |
| Investment in fixed assets (approximation) | - | -€63,848 | -€31,595 | -€740 | -€84,377 | -€7,286 | -€76,552 | -€205,549 | ▼ 169% |
| Change in cash | - | €17,461 | -€13,332 | €17,602 | -€22,879 | €35,453 | -€34,267 | €21,690 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 34,693 companies had the same profile as DEMCOTRANS has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of DEMCOTRANS itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 34,693 companies, not a prediction for DEMCOTRANS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-07-2026 | 2026-00302703 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00184933 | |
| 31-12-2023 | micro format | 29-03-2024 | 2024-00052906 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00178701 | |
| 31-12-2021 | micro format | 26-07-2022 | 2022-20220432 | |
| 31-12-2020 | micro format | 29-07-2021 | 2021-41700180 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-45700429 | |
| 31-12-2018 | micro format | 27-08-2019 | 2019-50800366 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-54800089 | |
| 31-12-2016 | micro format | 21-08-2017 | 2017-45000104 |